Why Tilray Is Hitting All-Time Highs

Tilray Inc. (NASDAQ: TLRY) shares hit an all-time high on Monday after the company announced a new partnership with the Nova Scotia Liquor Corp. (NSLC) to receive an initial purchase order for adult-use cannabis.

The purchase order would allow Tilray, one of 14 cannabis producers selected by NSLC, to supply the province of Nova Scotia with a diverse array of cannabis products in anticipation of the launch of the adult-use market on October 17, 2018.

Tilray intends to fulfill NSLC purchase orders through its affiliate High Park Holdings, which was formed to produce and distribute a broad-based portfolio of adult-use cannabis brands and products.

NSLC’s initial purchase order from Tilray includes these seleced brands:

We’re thrilled High Park will have the opportunity to supply the province of Nova Scotia with a safe, secure and reliable source of adult-use cannabis products. Our intention is to deliver on the high expectations Nova Scotians have of us by cultivating and distributing a portfolio of world-class adult-use brands and products that will lead the market in quality, excellence and craftsmanship.

Shares of Tilray were last seen up 21% at $52.95, with a consensus analyst price target of $34.67 and a 52-week range of $20.10 to $54.16.